Equinor Beats Q1 Earnings Expectations as Oil and Gas Output Jumps

Equinor NYSE EQNR reported on Thursday consensus-beating earnings for the first quarter of 2024, driven by higher production in Norway and rising oil prices. The Norwegian energy major booked an adjusted net income of $2.84 billion for Q1, down by 27% on the year due to lower natural gas prices in Europe this year. But the result beat the company-provided analysis consensus forecast of $2.04 billion. Adjusted pre-tax operating income of $7.

The growth was driven by increased capacity at the giant Johan Sverdrup oilfield, the ramp-up of the Breidablikk oilfield, and new wells placed on stream offshore Norway. The Vito field in the U.S. Gulf of Mexico, the Buzzard field in the UK, and new wells in Angola contributed to 3% production growth internationally.

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